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Authored by Micheal Johnson
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Professional Development
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a rational consumer aim to do?
Maximize income
Minimize spending
Maximize utility
Spend all their income
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The utility function represents:
The cost of goods consumed
Total utility derived from a consumption bundle
The indifference curve's slope
The income available for consumption
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The concept of diminishing marginal utility implies:
Each additional unit of a good consumed adds more to total utility
Utility decreases with each additional unit consumed
Each additional unit of a good consumed adds less to total utility
Utility is constant with each additional unit consumed
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An individual's consumption bundle is defined as:
The entire set of goods and services an individual consumes
Only the goods an individual buys frequently
Only the essential goods in a person's budget
The goods that maximize utility
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements is true about indifference curves?
They can intersect
They slope upward
They show all consumption bundles yielding the same utility
They are vertical lines
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the budget line when income increases?
It shifts inward
It shifts outward
It becomes vertical
It rotates
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Indifference curves for ordinary goods are generally:
Upward sloping and convex
Downward sloping and convex
Upward sloping and straight
Downward sloping and concave
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